TC Energy SER 2 PFD (TNCAF) Financials
Newest figures come from the filing for FY2025, filed Feb 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TNCAF SEC filings page.
TC Energy Corp SER 2 PFD (TNCAF) reported $11.1B in revenue for fiscal year 2025, up 16.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings.
Financial Health Signals
We do not publish a peer-relative financial health score for TC Energy Corp SER 2 PFD, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
TC Energy Corp SER 2 PFD passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) passes.
For every $1 of reported earnings, TC Energy Corp SER 2 PFD generates $2.09 in operating cash flow ($5.4B OCF vs $2.6B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
TC Energy Corp SER 2 PFD earns $2.36 in operating income for every $1 of interest expense ($5.9B vs $2.5B). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
TC Energy Corp SER 2 PFD generated $11.1B in revenue in fiscal year 2025. This represents an increase of 16.2% from the prior year.
TC Energy Corp SER 2 PFD's EBITDA was $7.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 5.5% from the prior year.
TC Energy Corp SER 2 PFD reported $2.6B in net income in fiscal year 2025. This represents a decrease of 21.3% from the prior year.
TC Energy Corp SER 2 PFD earned $2.38 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 22.5% from the prior year.
Cash & Balance Sheet
TC Energy Corp SER 2 PFD held $122.5M in cash as of fiscal year 2025; no long-term debt figure is on record for that period.
TC Energy Corp SER 2 PFD paid $2.48 per share in dividends in fiscal year 2025. This represents a decrease of 3.6% from the prior year.
Not reported for fiscal year 2025.
Margins & Returns
TC Energy Corp SER 2 PFD's operating margin was 52.7% in fiscal year 2025, reflecting core business profitability. This is down 5.1 percentage points from the prior year.
TC Energy Corp SER 2 PFD's net profit margin was 23.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 11.0 percentage points from the prior year.
TC Energy Corp SER 2 PFD's ROE was 12.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 4.1 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
TNCAF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY25Filing | FY24Filing | FY23Filing | FY22Filing | FY21Filing | FY20Filing | FY19Filing | FY18Filing | FY17Filing | FY16Filing | FY15Filing | FY14Filing | FY13Filing | FY12Filing | FY11Filing |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.1B+16.2% | $9.6B-4.8% | $10.0B+10.5% | $9.1B-13.2% | $10.5B+2.8% | $10.2B-0.3% | $10.2B+2.0% | $10.0B-6.7% | $10.7B+15.0% | $9.3B+13.9% | $8.2B-6.6% | $8.8B+6.2% | $8.3B+2.9% | $8.0B+4.3% | $7.7B |
| Operating Income | $5.9B+6.0% | $5.5B+43.2% | $3.9B+113.2% | $1.8B-43.0% | $3.2B-40.2% | $5.3B+4.5% | $5.1B+20.3% | $4.2B+12.9% | $3.7B+117.2% | $1.7B+2260.5% | $73.0M-97.8% | $3.4B+3.8% | $3.3B+14.9% | $2.8B-8.8% | $3.1B |
| EBITDA | $7.9B+5.5% | $7.5B+25.2% | $6.0B+60.3% | $3.7B-27.8% | $5.2B-29.8% | $7.3B+5.2% | $7.0B+17.4% | $5.9B+10.5% | $5.4B+70.0% | $3.2B+134.9% | $1.3B-71.8% | $4.8B+2.5% | $4.7B+10.4% | $4.2B-4.5% | $4.4B |
| Interest Expense | $2.5B+18.5% | $2.1B-6.7% | $2.2B+32.2% | $1.7B-8.0% | $1.8B+5.7% | $1.7B-2.9% | $1.8B+8.4% | $1.7B+0.4% | $1.7B+11.1% | $1.5B+50.3% | $990.0M-4.1% | $1.0B+11.5% | $926.0M-5.5% | $980.1M+6.4% | $921.5M |
| Income Tax | $829.9M+29.6% | $640.3M+0.4% | $637.8M+168.0% | $238.0M+153.4% | $93.9M-38.3% | $152.1M-73.8% | $581.7M+83.7% | $316.6Mn/m | -$71.1M-127.1% | $262.2M+967.1% | $24.6M-96.6% | $716.3M+24.7% | $574.4M+22.7% | $468.0M-17.2% | $565.5M |
| Net Income | $2.6B-21.3% | $3.3B+47.4% | $2.2B+300.4% | $552.8M-63.9% | $1.5B-57.7% | $3.6B+13.3% | $3.2B+17.7% | $2.7B+7.6% | $2.5B+1353.3% | $173.5Mn/m | -$828.1M-152.2% | $1.6B-5.5% | $1.7B+23.5% | $1.4B-12.6% | $1.6B |
| EPS (Basic) | $2.38-22.5% | $3.08+47.7% | $2.08+340.4% | $0.47-67.7% | $1.46-60.6% | $3.72+12.6% | $3.30+14.9% | $2.87+4.5% | $2.75 | $0.12 | -$1.26 | N/A | N/A | $1.85-13.4% | $2.13 |
| EPS (Diluted) | $2.38-22.5% | $3.08+47.7% | $2.08+340.4% | $0.47-67.5% | $1.46-60.8% | $3.72+12.8% | $3.29+14.7% | $2.87+4.8% | $2.74 | $0.12 | -$1.26 | N/A | N/A | $1.85-13.4% | $2.13 |
| Diluted Shares (Avg) | 1.04B+0.2% | 1.04B+0.8% | 1.03B+3.4% | 996M+2.3% | 974M+3.6% | 940M+1.0% | 931M+3.1% | 903M+3.3% | 874M | 760M | 709M-0.1% | 710M+0.3% | 708M+0.3% | 706M+0.4% | 703M |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses.
TNCAF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY25Filing | FY24Filing | FY23Filing | FY22Filing | FY21Filing | FY20Filing | FY19Filing | FY18Filing | FY17Filing | FY16Filing | FY15Filing | FY14Filing | FY13Filing | FY12Filing | FY11Filing |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $86.6B+5.5% | $82.1B-13.3% | $94.7B+12.1% | $84.5B+3.6% | $81.6B+3.7% | $78.6B+2.7% | $76.6B+5.6% | $72.5B+5.4% | $68.8B+4.9% | $65.6B+40.9% | $46.5B-7.8% | $50.4B-0.4% | $50.7B+4.4% | $48.5B+4.3% | $46.6B |
| Current Assets | $4.6B+15.7% | $4.0B-53.8% | $8.6B+59.0% | $5.4B-6.7% | $5.8B+42.5% | $4.1B-30.9% | $5.9B+56.8% | $3.8B+0.7% | $3.7B-37.9% | $6.0B+112.7% | $2.8B+5.5% | $2.7B-9.3% | $3.0B+4.3% | $2.8B-7.3% | $3.1B |
| Cash & Equivalents | $122.5M-78.0% | $556.3M-80.0% | $2.8B+508.1% | $458.2M-13.0% | $526.7M-56.1% | $1.2B+15.8% | $1.0B+217.0% | $326.9M-62.4% | $870.0M+15.0% | $756.7M+23.2% | $614.2M+45.7% | $421.5M-51.6% | $871.5M+57.5% | $553.3M-14.0% | $643.2M |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0 |
| Inventory | $570.3M+9.9% | $518.8M-11.2% | $584.0M-15.6% | $691.7M+22.1% | $566.6M+14.9% | $493.2M+41.4% | $348.7M+10.4% | $315.9M+4.6% | $302.0M+10.2% | $274.1M+17.4% | $233.4M-7.3% | $251.7M+6.7% | $236.0M+4.9% | $224.9M-7.8% | $243.9M |
| Accounts Receivable | $2.0B+12.4% | $1.8B-1.4% | $1.8B-31.4% | $2.7B+10.7% | $2.4B+42.7% | $1.7B-9.3% | $1.9B+0.6% | $1.9B-7.8% | $2.0B+30.4% | $1.5B+54.2% | $1.0B-11.4% | $1.1B+7.3% | $1.1B-0.2% | $1.1B-1.8% | $1.1B |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0 |
| Goodwill | $9.5B0.0% | $9.5B0.0% | $9.5B0.0% | $9.5B-3.6% | $9.8B-1.0% | $9.9B0.0% | $9.9B-4.3% | $10.4B-0.6% | $10.5B+0.5% | $10.4B+199.0% | $3.5B0.0% | $3.5B+0.1% | $3.5B+0.1% | $3.5B-0.1% | $3.5B |
| Total Liabilities | $59.7B+7.6% | $55.5B-14.9% | $65.2B+9.9% | $59.3B+7.0% | $55.4B+5.8% | $52.4B+1.6% | $51.6B+3.6% | $49.8B+5.2% | $47.3B+4.3% | $45.4B+35.7% | $33.4B+2.4% | $32.6B+2.9% | $31.7B+5.1% | $30.2B+5.6% | $28.6B |
| Current Liabilities | $7.3B-0.5% | $7.3B-18.5% | $9.0B-28.4% | $12.5B+22.4% | $10.2B+8.6% | $9.4B-5.5% | $10.0B+4.9% | $9.5B+20.2% | $7.9B+37.9% | $5.7B+7.5% | $5.3B-18.6% | $6.5B+29.7% | $5.0B-14.7% | $5.9B+8.7% | $5.4B |
| Non-Current Liabilities | $52.4B+8.8% | $48.2B-14.3% | $56.2B+20.1% | $46.8B+3.5% | $45.2B+5.2% | $43.0B+3.3% | $41.6B+3.4% | $40.3B+2.2% | $39.4B-0.6% | $39.6B+41.1% | $28.1B+7.6% | $26.1B-2.2% | $26.7B+10.0% | $24.3B+4.8% | $23.2B |
| Long-Term Debt | N/A | N/A | N/A | $1.2Bn/m | $0 | N/A | N/A | $26.8B+5.1% | $25.5B-10.8% | $28.5B+36.6% | $20.9B+5.5% | $19.8B-3.8% | $20.6B+13.7% | $18.1B+3.8% | $17.4B |
| Total Equity | $19.9B+3.9% | $19.2B-14.4% | $22.4B-10.9% | $25.1B-3.5% | $26.0B+5.8% | $24.6B+3.7% | $23.7B+10.4% | $21.5B+7.5% | $20.0B+10.7% | $18.1B+52.1% | $11.9B-27.7% | $16.4B-5.6% | $17.4B+2.6% | $17.0B+2.8% | $16.5B |
| Retained Earnings | -$4.3Bn/m | -$3.6Bn/m | -$2.3B-475.1% | $605.2M-79.5% | $3.0B-29.8% | $4.2B+37.9% | $3.1B+50.1% | $2.0B+56.7% | $1.3B+53.0% | $847.6M-57.6% | $2.0B-57.6% | $4.7B-1.4% | $4.8B+1.8% | $4.7B+3.4% | $4.6B |
TNCAF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY25Filing | FY24Filing | FY23Filing | FY22Filing | FY21Filing | FY20Filing | FY19Filing | FY18Filing | FY17Filing | FY16Filing | FY15Filing | FY14Filing | FY13Filing | FY12Filing | FY11Filing |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $5.4B+0.2% | $5.3B-2.9% | $5.5B+16.9% | $4.7B-12.6% | $5.4B-2.6% | $5.5B+1.3% | $5.5B+13.7% | $4.8B+15.0% | $4.2B+10.7% | $3.8B+19.2% | $3.2B-13.0% | $3.6B+5.5% | $3.5B-3.7% | $3.6B-1.1% | $3.6B |
| Depreciation & Amortization | $2.0B+4.3% | $1.9B-8.0% | $2.1B+10.2% | $1.9B-3.3% | $2.0B-2.8% | $2.0B+6.8% | $1.9B+10.4% | $1.7B+4.9% | $1.6B+13.7% | $1.4B+13.2% | $1.3B-8.2% | $1.4B-0.5% | $1.4B+1.1% | $1.4B+5.7% | $1.3B |
| Stock-Based Compensation | $5.1M+22.5% | $4.2M-38.9% | $6.8M-7.8% | $7.4M-21.3% | $9.4M-0.2% | $9.4M-6.2% | $10.0M+5.3% | $9.5M-0.6% | $9.6M-14.2% | $11.2M+18.9% | $9.4M+55.7% | $6.0M+7.0% | $5.6M+12.3% | $5.0M+2.1% | $4.9M |
| Capital Expenditures | N/A | $5.5B-41.1% | $9.3B+40.7% | $6.6B+18.6% | $5.6B-20.0% | $7.0B+21.0% | $5.8B-16.5% | $6.9B+17.0% | $5.9B+58.2% | $3.7B+31.7% | $2.8B-5.9% | $3.0B-25.0% | $4.0B+53.8% | $2.6B+5.4% | $2.5B |
| Free Cash Flow | N/A | -$144.4Mn/m | -$3.8Bn/m | -$1.9Bn/m | -$191.0Mn/m | -$1.4Bn/m | -$303.2Mn/m | -$2.1Bn/m | -$1.7B-3824.8% | $46.2M-86.3% | $336.7M-47.0% | $635.3Mn/m | -$554.7M-156.6% | $980.1M-15.0% | $1.2B |
| Investing Cash Flow | -$4.7Bn/m | -$4.8Bn/m | -$9.3Bn/m | -$5.2Bn/m | -$6.0Bn/m | -$4.7Bn/m | -$5.3Bn/m | -$7.3Bn/m | -$3.0Bn/m | -$14.0Bn/m | -$3.5Bn/m | -$3.7Bn/m | -$4.8Bn/m | -$3.3B | N/A |
| Financing Cash Flow | -$1.1Bn/m | -$2.7B-143.9% | $6.1B+1603.3% | $359.9Mn/m | -$68.9Mn/m | -$627.3M-217.3% | $534.6M-73.5% | $2.0Bn/m | -$1.1B-110.9% | $10.4B+1840.6% | $537.6Mn/m | -$321.5M-119.1% | $1.7Bn/m | -$404.7M | N/A |
| Dividends Paid | $2.6B-6.8% | $2.7B+30.0% | $2.1B-10.5% | $2.4B-9.1% | $2.6B+10.8% | $2.3B+68.9% | $1.4B+20.5% | $1.2B+7.6% | $1.1B0.0% | $1.1B+2.4% | $1.0B-9.9% | $1.2B-4.0% | $1.2B-1.9% | $1.2B+30.3% | $945.1M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0n/m | $0-100.0% | $10.4M-95.1% | $212.4Mn/m | $0n/m | $0 | N/A | N/A |
TNCAF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY25Filing | FY24Filing | FY23Filing | FY22Filing | FY21Filing | FY20Filing | FY19Filing | FY18Filing | FY17Filing | FY16Filing | FY15Filing | FY14Filing | FY13Filing | FY12Filing | FY11Filing |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 52.7%-5.1pp | 57.8%+19.4pp | 38.4%+18.5pp | 19.9%-10.4pp | 30.3%-21.8pp | 52.1%+2.4pp | 49.7%+7.5pp | 42.1%+7.3pp | 34.8%+16.4pp | 18.4%+17.5pp | 0.9%-37.7pp | 38.6%-0.9pp | 39.5%+4.1pp | 35.3%-5.1pp | 40.4% |
| Net Margin | 23.1%-11.0pp | 34.1%+12.1pp | 22.0%+15.9pp | 6.1%-8.5pp | 14.6%-20.9pp | 35.5%+4.3pp | 31.2%+4.2pp | 27.1%+3.6pp | 23.5%+21.6pp | 1.9%+11.9pp | -10.1%-28.2pp | 18.1%-2.2pp | 20.3%+3.4pp | 16.9%-3.3pp | 20.2% |
| Return on Equity | 12.9%-4.1pp | 17.0%+7.1pp | 9.9%+7.7pp | 2.2%-3.7pp | 5.9%-8.8pp | 14.7%+1.2pp | 13.5%+0.8pp | 12.6%0.0pp | 12.6%+11.6pp | 1.0%+7.9pp | -7.0%-16.6pp | 9.7%0.0pp | 9.6%+1.6pp | 8.0%-1.4pp | 9.4% |
| Return on Assets | 3.0%-1.0pp | 4.0%+1.6pp | 2.3%+1.7pp | 0.7%-1.2pp | 1.9%-2.7pp | 4.6%+0.4pp | 4.2%+0.4pp | 3.7%+0.1pp | 3.7%+3.4pp | 0.3%+2.0pp | -1.8%-4.9pp | 3.1%-0.2pp | 3.3%+0.5pp | 2.8%-0.5pp | 3.3% |
| Current Ratio | 0.63+0.1x | 0.55-0.4x | 0.96+0.5x | 0.43-0.1x | 0.57+0.1x | 0.43-0.2x | 0.59+0.2x | 0.40-0.1x | 0.47-0.6x | 1.05+0.5x | 0.53+0.1x | 0.41-0.2x | 0.59+0.1x | 0.48-0.1x | 0.56 |
| Debt-to-Equity | N/A | N/A | N/A | 0.050.0x | 0.00 | N/A | N/A | 1.240.0x | 1.27-0.3x | 1.58-0.2x | 1.76+0.6x | 1.200.0x | 1.18+0.1x | 1.070.0x | 1.06 |
| Liabilities-to-Equity | 3.00+0.1x | 2.900.0x | 2.91+0.6x | 2.36+0.2x | 2.130.0x | 2.130.0x | 2.17-0.1x | 2.320.0x | 2.36-0.1x | 2.51-0.3x | 2.81+0.8x | 1.99+0.2x | 1.820.0x | 1.780.0x | 1.73 |
| Asset Turnover | 0.130.0x | 0.120.0x | 0.110.0x | 0.110.0x | 0.130.0x | 0.130.0x | 0.130.0x | 0.140.0x | 0.160.0x | 0.140.0x | 0.180.0x | 0.170.0x | 0.160.0x | 0.170.0x | 0.17 |
| FCF Margin | N/A | -1.5%+36.4pp | -37.9%-16.9pp | -21.0%-19.2pp | -1.8%+12.3pp | -14.2%-11.2pp | -3.0%+18.0pp | -20.9%-4.9pp | -16.0%-16.5pp | 0.5%-3.6pp | 4.1%-3.1pp | 7.2%+14.0pp | -6.7%-18.9pp | 12.2%-2.8pp | 15.0% |
Not reported in any period shown, so not listed: Gross Margin.
Note: The current ratio is below 1.0 (0.63), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Where TC Energy Corp SER 2 PFD Ranks
Frequently Asked Questions
TC Energy Corp SER 2 PFD (TNCAF) reported $11.1B in total revenue for fiscal year 2025. This represents a 16.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
TC Energy Corp SER 2 PFD (TNCAF) revenue grew by 16.2% year-over-year, from $9.6B to $11.1B in fiscal year 2025.
Yes, TC Energy Corp SER 2 PFD (TNCAF) reported a net income of $2.6B in fiscal year 2025, with a net profit margin of 23.1%.
TC Energy Corp SER 2 PFD (TNCAF) had EBITDA of $7.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
TC Energy Corp SER 2 PFD (TNCAF) had an operating margin of 52.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
TC Energy Corp SER 2 PFD (TNCAF) had a net profit margin of 23.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Yes, TC Energy Corp SER 2 PFD (TNCAF) paid $2.48 per share in dividends during fiscal year 2025.
TC Energy Corp SER 2 PFD (TNCAF) has a return on equity of 12.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
TC Energy Corp SER 2 PFD (TNCAF) generated $5.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
TC Energy Corp SER 2 PFD (TNCAF) had $86.6B in total assets as of fiscal year 2025, including both current and long-term assets.
TC Energy Corp SER 2 PFD (TNCAF) had a current ratio of 0.63 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
TC Energy Corp SER 2 PFD (TNCAF) had a liabilities-to-equity ratio of 3.00 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
TC Energy Corp SER 2 PFD (TNCAF) had a return on assets of 3.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
TC Energy Corp SER 2 PFD (TNCAF) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
TC Energy Corp SER 2 PFD (TNCAF) has an earnings quality ratio of 2.09x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
TC Energy Corp SER 2 PFD (TNCAF) has an interest coverage ratio of 2.36x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.